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Spanish PM hails bank rescue as "victory for euro"

  • Spanish Prime Minister Mariano Rajoy has hailed a decision made by eurozone finance ministers to help Spain shore up its struggling banking sector as a victory for the euro.

    Rajoy’s comments come a day after eurozone ministers agreed to lend Madrid up to $125 billion.

    The loan, which will come from the European Financial Stability Facility and the European Stability Mechanism funds, is aimed at boosting Spain's weakest banks, left with billions of euros worth of bad loans after a property boom collapse and the subsequent recession.

    The exact amount Spain will receive is to be decided after the completion of two bank audits, due to conclude over the next coming week.